INTERNET OF COINS ⛓ blockchain freedom (r)evolution ⛓ [ CROWDFUND CLOSED ]

[agent725]

@Kadazar says it correctly. 

@xx63245613: Indeed the name is a bit big, but otherwise we want to introduce the concept of the decentralized financial web with our project. So like the "internet of things", we want people to start collaborating in cryptocurrency instead of competing to effectively create an "internet of coins".

[gramen]

Shitsamoly! you got 150k in what, less than 12 hours? without VC capital? 

fukin payama's on fire! 

[evok3d]

Ah wow! i am so happy to see this live! best of luck to you all. Really glad for you.

<3

[agent725]

http://www.newsbtc.com/2017/03/21/internet-coins-crowdfund-open-business/ 

[Winslow Strong]

Wondering if you could answer a few of my questions.

I'm confused about the tokens being associated with a cryptocurrency, re:fungibility.  If I have hybrid on BTC is it guaranteed to be equal in value to hybrid on ETH (for example?)?  If so, how would parity be maintained over time?  Suppose all the BTC hybrid owners want to sell their BTC hybrid and buy ETH hybrid?  Is there an arbitrage trade that will keep the values at parity? 

I'm concerned about the potential for inflation.  IOC seems eager to implement (and add 1M hybrid) to as many cryptos as possible.  Won't this produce massive inflation?  How will those new issuances occur in practice and be allocated?  If they will be for sale, who receives the cryptocurrency for them? 

It would be helpful to augment the FAQ with some of these details.  It's really hard (for me at least) to figure out the value of investing in this ICO without clarity on these issues.

Minor thing - on the front page of this ANN you say there will be 5M coins in the crowdsale, but on the crowdsale site it seems like its 7 cryptos for 7M coins total.

Thank you.

[Dotrego]

Minor thing - on the front page of this ANN you say there will be 5M coins in the crowdsale, but on the crowdsale site it seems like its 7 cryptos for 7M coins total.

This is because we added support for other chains in the months since the announcement. Thank you for pointing this out, it has been updated.

Agent725 will answer your questions later. Will add them to the FAQ as well

[agent725]

@Winslow Strong's questions:

Q: I'm confused about the tokens being associated with a cryptocurrency, re:fungibility.  If I have hybrid on BTC is it guaranteed to be equal in value to hybrid on ETH (for example?)?  If so, how would parity be maintained over time?

A: On Internet of Coins all HYBRID tokens on any chain will be only swappable 1:1. This means that even if prices differ on exchanges, the swap market in the IoC wallet makes sure you can swap your HYBRID to another chain.

Q: Suppose all the BTC hybrid owners want to sell their BTC hybrid and buy ETH hybrid?  Is there an arbitrage trade that will keep the values at parity?  

A: Yes. Arbitrage opportunities would abound such an extreme case, and eventually pull the market back into equilibrium.

Q: I'm concerned about the potential for inflation.  IOC seems eager to implement (and add 1M hybrid) to as many cryptos as possible.  Won't this produce massive inflation?  How will those new issuances occur in practice and be allocated?  If they will be for sale, who receives the cryptocurrency for them?  

A: For HYBRID we will not be adding 1M tokens per cryptocurrency. We are first focused on developing a functional market of seven decentralized token asset systems. After this has been achieved, we may expand HYBRID to other well-functioning token asset systems that have their own DEX. This will be done in way that makes HYBRID more fungible. I.e. liquid markets bring in new users of HYBRID. We expect this to make the token more functional towards new chains and thus more interesting for a larger user base two years down the road.

Q: Minor thing - on the front page of this ANN you say there will be 5M coins in the crowdsale, but on the crowdsale site it seems like its 7 cryptos for 7M coins total.

A: We initially planned to start with 5 asset systems, however, at the start chose to work with 7 instead. Where do we still mention 5?

Does this answer your questions? If anything is unclear feel free to ask more.  

[gramen]

Internet of Coins: Extra Project Update: less than 24 Hours left until crowdfund - Special Hardware Bonus

Dear cryptocurrency enthusiast,

We thank you for your interest in our project. You are receiving this e-mail because you have either signed up for the Internet of Coins e-mail updates, or have previously been in touch with one of our team members. For a quick introduction or reminder, take a look at this interview.
 

- Welcome!

If this is your first e-mail update, you can always read the previous ones at our weblog. And remember: the fundraiser starts tomorrow March 21st, 11.00 am CET. We send these updates usually once per week. Rather read these updates in another language? Check out our translated newsfeeds at Bitcointalk. Today, this is a special extra edition.
 

- Special update: hardware bonus for early participants

Over the last week, we have received a flood of signups and Early Bird requests. We are going over all of them one by one to make sure all questions are answered. You can also reach us via Twitter or the live chatpage for direct answers.

The final countdown is underway, and there is less than 24 hours left for the last Early Bird signups. We have decided to give all Early Birds a special perk for their support: a hardware node running Internet of Coins.
The hardware node will run an Internet of Coins beta that needs no configuration and is plug-and-play. Its casing is made from wood that is from environment friendly stewarded forests, and is carefully produced in the Netherlands.

If you have not seen any e-mail from us regarding your Early Bird signup, please check your junk e-mail box to see if it landed there. We have already given every current Early Bird a response.
Otherwise you can find the Early Birds terms here for more information.
 

 

- Ways to support

Like the project? You can help us out by giving it a Star with your Twitter account on Cyber Fund. You can also follow us at @internetofcoins to spread the word further. Want be added to our Slack channel? Just reply to this mail with your request and we'll add you.

Thank you for taking the time to read our updates,
we´ll be in touch again soon with our next newsletter!

Yours sincerely,
Amadeus, George, Jelle, Joachim, Marjon, Matthias, Pim, Robert, Sergey and Steffen

Oww!!! now just seeing the HW node! want it..    o well... I can dream. 

[ammo]

Hope we have succes so we can eventually make this cool stuff for all.  But for now these are only for the early birds, because they helped us get started.

[agent725]

At the moment these 'ecoputers' made in limited amounts.

[agent725]

Thanks. @ammo is the designer of it. He made it so it can be made in many places, and thus we try out decentralized production.

For some non-technical people this would be a great way to host an Internet of Coins node with blockchains, without having to worry about how to set it up technically.

[altcoinrich]

How much fund you have raised? I see no information on total bitcoin value. Where to see this?

[Kazadar]

How much fund you have raised? I see no information on total bitcoin value. Where to see this?

You can check the addreses here https://coinstorm.net/en/terms

Also at the moment each token is 1 USD so 167326.243 tokens is 167326.243 USD.

[gramen]

Wow!   so you guys are not dependent on big industry like Intel, Samsung or Asus for rainbow unicorn production..?

[agent725]

Haha, not for the wooden enclosure. But of course the chips and electronics are not hand-made by ourselves. 

[Heartilly]

Hi.

Im totally noob at this but I purchase some hybrid to check things out and how it works.

Entered email, code, transaction ID etc. How will I received those tokens?

Thanks.

[Winslow Strong]

Thanks for that info, @agent725.  A few followups, if you don't mind:



Q: I'm confused about the tokens being associated with a cryptocurrency, re:fungibility.  If I have hybrid on BTC is it guaranteed to be equal in value to hybrid on ETH (for example?)?  If so, how would parity be maintained over time?

A: On Internet of Coins all HYBRID tokens on any chain will be only swappable 1:1. This means that even if prices differ on exchanges, the swap market in the IoC wallet makes sure you can swap your HYBRID to another chain.

How can a 1:1 swap be enforced AND liquidity be maintained?  If the market were to net want to swap hybrid on one chain for another, and the exchange rate of 1:1 is imposed, where does the liquidity come from so that all those who want to swap can swap?

Q: Suppose all the BTC hybrid owners want to sell their BTC hybrid and buy ETH hybrid?  Is there an arbitrage trade that will keep the values at parity?  

A: Yes. Arbitrage opportunities would abound such an extreme case, and eventually pull the market back into equilibrium.

What are the specific trades that can be made to instantiate the arbitrage?

Q: I'm concerned about the potential for inflation.  IOC seems eager to implement (and add 1M hybrid) to as many cryptos as possible.  Won't this produce massive inflation?  How will those new issuances occur in practice and be allocated?  If they will be for sale, who receives the cryptocurrency for them?  

A: For HYBRID we will not be adding 1M tokens per cryptocurrency. We are first focused on developing a functional market of seven decentralized token asset systems. After this has been achieved, we may expand HYBRID to other well-functioning token asset systems that have their own DEX. This will be done in way that makes HYBRID more fungible. I.e. liquid markets bring in new users of HYBRID. We expect this to make the token more functional towards new chains and thus more interesting for a larger user base two years down the road.

How many HYBRID tokens will be added per new crypto?  If any, how are they to be sold and to whom do the revenues from the sales go?  Or maybe you mean no new HYBRID tokens will be issued, i.e. there will always be 7M?  But then how would other chains be included within IOC's weave-based DEX?

Q: Minor thing - on the front page of this ANN you say there will be 5M coins in the crowdsale, but on the crowdsale site it seems like its 7 cryptos for 7M coins total.

A: We initially planned to start with 5 asset systems, however, at the start chose to work with 7 instead. Where do we still mention 5?

Looks like it's corrected now.

[Dotrego]

Hi.

Im totally noob at this but I purchase some hybrid to check things out and how it works.

Entered email, code, transaction ID etc. How will I received those tokens?

Thanks.

July 1st, we will start distribution of the assets. (See the roadmap). We will send you the link to a generator of your chain, so we don't have the info for your wallet. Once you created one, we'll deposit the hybrids to the address. (Or send us an existing one.)


@Winslow; there are actually 7 different types of tradeable hybrid assets released (one for each type of chain). They form a uniform entity, however, are separated on the blockchain level. So there is no actual inflation in the total portfolio of chains once a new hybrid is released, since it is issued to another chain, which technically makes it a new asset.

Reward payouts mentioned in the terms remain the same for participants in the 2017 crowdfund; the payouts are for people supporting this initial campaign.

Q: How can a 1:1 swap be enforced AND liquidity be maintained?  If the market were to net want to swap hybrid on one chain for another, and the exchange rate of 1:1 is imposed, where does the liquidity come from so that all those who want to swap can swap?
A: The Internet of Coins node system gives allocators a transaction fee for providing liquidity for a swap. This is how a 1:1 swap can be enforced and liquidity can be maintained. In simple terms users will be able to 'save' their HYBRID and receive 'interest' through fees this way. In addition; the assets within a chain do not move off-chain, they just end up at another participant. So liquidity remains.

Q: What are the specific trades that can be made to instantiate the arbitrage?
A: Imbalance in the price of HYBRID can be traded via third party exchanges or DEX's by arbitrage opportunity seekers. This is how it works with every token and/or cryptocurrency that is traded on multiple exchanges.

Q: How many HYBRID tokens will be added per new crypto?  
A: Future chains for other systems (preferably supporting multiple cryptocurrencies) are not planned as of yet. We did have some initial talks with interested devs (i.e ETC), but for now we focus on the current existing 7 types. A new type should have enough to match the others for liquidity, so 1 million (divisible) makes sense.

Q: If any, how are they to be sold and to whom do the revenues from the sales go?  
A: Future additions would be released in a comparable manner. Fungibility provided by interested participants, all proceedings would go to our financial custodian, the NLnet foundation. Proceedings would be used for development, user payouts and hooking up the chain, just like now.

Q: Or maybe you mean no new HYBRID tokens will be issued, i.e. there will always be 7M?  
A: the amount of HYBRIDs in total for BTC/XCP/NXT/ETH/XEM/BTS/WAVES will remain 1M per chain, totaling 7M.

Q: But then how would other chains be included within IOC's weave-based DEX?
A: The client can be pointed to specific assets to be included in its exchange profile for matching. Eventually, we intend for people to be able to create their own multi-chain assets.

[agent725]

We should add all this to the FAQ.

[m1000]

I like this project - concept (have read all white paper) and hope it will succeed